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Louisiana CUs report solid growth in 2007
HARAHAN, La. (2/29/08)--Louisiana credit unions reported strong growth for 2007, according to the Louisiana Credit Union League. Credit unions experienced 5.7% loan growth, 4.4% share growth, and a 0.9% increase in membership, to 1.1 million members as of December 2007 (eNews Feb. 27). Assets increased 4.5%, to $6.72 billion from $6.43 billion. Though the number of credit unions declined to 236 from 242, branches increased to 419 from 405, and employees increased to 3,470 from 3,366. The league also reported that:
* Credit unions’ loan-to-share ratio increased to 73.3% for 2007, compared to a national average of 83.3%; * Net income declined 9.5%. This was driven by credit unions giving more back to their members and higher costs of funds (a 24% increase for 2007); * Regular share growth declined 4.1%; * Money market shares increased 9.6%; and * Individual retirement accounts grew 9%.


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